ASIMCO Technologies Limited - FY2006

Business Highlights

New plants
-The first phase of construction of a new plant of  Asimco Camshaft (Yizheng) Co., Ltd. (in Yizheng, Jiangsu Province, China) which is a subsidiary of the Company, was completed with a total investment of 18 million U.S. dollars. Asimco Camshaft started operating in February 2006. The subsidiary started supplying half-finished camshafts to the Group's plant in Michigan, U.S.A. Also, several projects are underway to deliver products made at this plant to some domestic customers in China.

New subsidiary
- In July 2006, the Company and Phillips & Temro Industries (PTI), a U.S.-based supplier of emission control technology, jointly established Asimco PTI Air Intake System (Yizheng) Co., Ltd. to manufacture and sell intake air heaters for commercial vehicles made by Chinese automakers. 

Sale of Asimco Braking Systems (Guangzhou) Co., Ltd.
The Company sold off Asimco Braking Systems (Guangzhou) Co., Ltd. in 2006.

Investment Activities

- The Company invested 200 million dollars in new operations between 2005 and 2006.

?・Major investment  projects
Investment projects Investment amount (planned) Progress/Remarks
Asimco Camshaft (Yizheng) Co., Ltd. Initial investment of 10 million dollars, to be followed by another 20 million dollars Start of operations scheduled for June 2005
Constructing a new facility at Asimco Nanyue (Hengyang) Co., Ltd. to manufacture electronic control fuel injection pumps. Planned amount of total investment: 400 million yuan
<First phase>
The Company is targeting its annual production capacity at  60,000 sets by the end of 2008 by spending some 200 million yuan.

<Second phase>
The Company is targeting to increase its capacity to 300,000 sets by the end of 2010 by making an investment of another 200 million yuan.
The plant is under construction
Investing capital in NPR Auto Parts Manufacturing (Yizheng) Co., Ltd., which is Nippon Piston Ring's production facility in China. Initial investment of 30 million dollars. Additional investment planned in the future. The project has been suspended.
Expansion of R&D facilities including Anhui Wuhu R&D Center for NVH. n.a. Anhui Wuhu R&D Center for NVH products established in April 2005.
Acquisition of NVH Concepts L.LC., a U.S.-based supplier of NVH systems.  n.a. Stock transactions were completed. 
NVH Concepts adopted a new name, Asimco NVH Technologies Inc.
Establishing a joint venture company with Phillips & Temro Industries, a U.S.-based emission control supplier, to manufacture intake air heaters.  n.a. The plant is under construction.